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Statistically, Denver is Still in a Seller’s Market

With 1.73 months of housing inventory across all price ranges in the Denver area, we are technically still experiencing a seller’s market. Homes priced above $1 million have the most inventory, however, with single-family homes at 4.93 months of inventory, just under the five months that signify a balanced market. The month of July ended with 4.36 months of condo inventory. Large condo projects like Laurel in Cherry Creek have been closing on units, pushing up the number of higher-priced condo sales.

 

Home Prices are Peaking

The average sold price in the residential market in July was $498,960, down slightly from June’s $500,010, still up 4.27% year over year. The median sold price was up slightly month over month to $434,000 from $429,000. The average single-family home price was up 0.58% from June to $551,516. Year to date, the average sold price was up 1.83%. The average condo sale price was down 1.46% in July to $362,922; this is lower than the past three months, but up 3.01% year to date.

 

Sellers Homes on the Market for What Felt Like a Long Time Compared to Last Year

The median days on market for single-family homes and condos was up 37.50% month over month to 11 days. While that percentage may seem high, home sellers only had to wait three more days to sell their homes in July this year compared to last. Year to date it’s taking, on average, 29 days to sell a home compared to 24 days last year.

 

Metro Denver is a seller’s market by months of inventory, but continues to head toward a balanced market, with conditions favoring buyers — like historically low interest rates, price reductions, and more homes to choose from with more time to choose.

Colorado Real Estate News

More New Homes Hit the Denver Market in May

CORYMERRILL7 copy2More Home Choices in May

In May, there were 8,789 new listings, up 17 percent from the previous month. That meant home-buyers were able to look at a number of homes at a time and make comparisons – and many found what they were looking for. At month’s end, there were 6,470 homes under contract, up 5.65 percent from April.

Even with all of those offers written and accepted, the month still ended with 8,891 homes for sale. That is the highest end-of-month number of active listings since November 2013 when buyers had 9,352 choices! Yet, when put in perspective, it’s very low compared to the high in May 2008 when active listings reached 26,333 in total.

Home Prices Breaking Records

The market has been experiencing a drought of new homes for years, so the increase in inventory is a welcome relief for buyers. Even with the added inventory, prices were still up. The average single-family home price reached a record-breaking $555,482!

Year to date, for single-family homes, the average sold price was $534,577 and median sold price was a record-breaking $450,000, up 1.45 and 1.12 percent from last year respectively. The average sold price for condos year to date bumped up 3.11 percent compared to last year to $364,134, and the median price topped out at a high of $301,500.

Luxury Market Sales Steady

The number of sales of $1 million+ homes remained steady at 915 year to date, up 1.55 percent from last year. While sales in the single-family market decreased year to date by 2.8 percent from 2018, there has been a large jump in condo sales with 110 sold year to date compared to 73 in 2018, an increase of 51 percent.

There has not been any significant changes month over month or year over year in terms of price per square foot, outside of the condo total price per square foot metric that significantly jumped from $546 last year to $656 in May of 2019 – an increase of 20 percent. Single-family average price per square foot continues to hover around $300, ending May at $297.

Colorado Real Estate News

Spring Brings Seasonal Simmer to Denver Real Estate Market

CRESTMOOR10Real Estate Heated Up Amidst Cold Spells

Despite the cold spells in March, the entire residential market saw a seasonal simmer as spring picked up steam with real estate transactions. Homebuyers had 21.75 percent more new home choices – and they liked what they saw! Homes under contract were up 27.39 percent from February.

Here’s what else was up: Year to date, single-family active listings jumped 26.29 percent, new listings were up 2 percent, and days on market more than doubled from seven last year to 15.

Prices were up too, but just barely. The single-family average price was up 0.95 percent year to date to $516,469; the median price was up 0.34 percent to $436,500. The bump was a little bigger for condo prices, with the average condo price at $356,142 year to date.

Not Everything Was Popping Up like Daffodils

The number of homes sold so far in 2019 dropped 5.79 percent and thus the sales volume was down 4.36 percent year to date. Homebuyers are pushing back on sellers’ list prices with the close-to-list-price ratio down to 99.04 percent, which is the lowest ratio it’s been at this point in the past four years.

Luxury Market is Ready for the Spring Season

With warmer weather on the way, the Luxury Market – homes priced $1 million and up – is primed and ready for a spring selling season. In March, single-family homes that sold jumped to 152 from 117 the month prior. Of note, the average days on market dropped to 50 in March, from 82 in February and 75 this time last year. With this type of activity, it’s no surprise the close-to-list-price ratio is still holding strong at 97.72 percent. Condos gained similar momentum.

So, is it a Buyer’s or Seller’s Market?

The market under $1 million is still very much a seller’s market, and we are teetering on an equal market between buyers and sellers over $1 million with 5.16 months of single-family inventory and 5.59 months of attached-home inventory. At this point, buyers do not have the upper hand in any price range.